Market Overview

LCS BOLSTERS RENTAL DIVISION FOR CONTINUED GROWTH WITH KEY LEADERSHIP ADDITIONS

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Des Moines, Iowa, Sept. 04, 2018 (GLOBE NEWSWIRE) -- LCS, the nation's third-largest operator of senior living communities accelerates its focus on rental property growth with the addition of two veteran leaders to the Rental Division of Life Care Services, An LCS Company. Rick Westermann comes to Life Care Services from A Place for Mom and GeLynna Shaw from Brookdale Senior Living. The two join Chris Bird and Liz Bush as the senior leadership team in the Rental Division. The moves reflect LCS's commitment to expand its presence in the rental sector and its strategic plan for future growth.

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Rick Westermann, Vice President of Marketing and Sales, Life Care Services, Rental Division



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GeLynna Shaw, Senior Vice President of Operations, Life Care Services, Rental Division



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"In the next two to three years, our rental business will look much different than it does today," notes Joel Nelson, president and CEO of LCS. "We're growing and calibrating our rental focus, and we're building a team that will help us deftly navigate the opportunities ahead in senior living."

"With a plan to open 17 new rental communities over the next three years, we want to ensure each achieves the level of success the company is accustomed to across its portfolio," says Chris Bird, executive vice president and director of rental at Life Care Services. "Rick and GeLynna have unique backgrounds, both with a national footprint, and will bring that expertise to Life Care Services to continue to build our business."

Westermann will oversee the sales force at rental communities managed by Life Care Services, all marketing and lead acquisition strategies, and nurturing the sales process from prospective resident to move in.

Shaw will oversee day-to-day operations at all rental communities managed by Life Care Services, including directors of operations management and regional operations managers.

"GeLynna's financial background, coupled with her knowledge of how all supporting functions come together to drive effective operations at communities, will help us excel in delivering on our promises to residents and our partners," notes Diane Bridgewater, executive vice president, chief financial and administrative officer of LCS.

"We continue to see occupancy gains in our rental division outpace 2018 industrywide averages," according to Bird. "Our new leadership team is focused on the long-term proliferation of our rental business and, as a company, owning the majority share of those properties."

Liz Bush transitions to senior vice president, senior director of integration and new development of rental at Life Care Services. Bush will oversee owner relations and the integration of new rental properties with LCS systems, programs and processes.

"We created this new role because the long-term success of new communities relies on integrating best practices from planning stages through the moment they open their doors," Bird says. "Liz is the perfect fit with her depth of knowledge and experience with all LCS business lines and services."

Bird adds that being able to build and open rental communities in less than half the time it takes for life plan campuses allows LCS, the parent company of Life Care Services, to be more nimble and offers greater opportunities to serve more seniors.

"LCS continues to be bullish on entrance-fee Life Plan Communities – both third-party management and new development for organizations not requiring management by Life Care Services. We're building our rental pipeline and real estate investment company, and building our people," says Nelson. "Above all at LCS, it's putting the customer first. That customer is evolving, though, and so are we. We want to stay out in front of the tremendous opportunities ahead."

About Life Care Services®

Life Care Services, An LCS Company, established in 1971 and based in Des Moines, Iowa, is the third largest manager of full-service senior living communities. Life Care Services currently provides operations, and marketing and sales management services for not-for-profit and for-profit Life Plan Communities, formerly known as Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide. For more information, visit lifecareservicesLCS.com

About LCS®

Based in Des Moines, Iowa, and established in 1971, LCS is a leading provider of high-quality senior lifestyle products and services. The LCS Family of Companies focus on development, operations management, marketing and sales management, and strategic planning for Life Plan Communities, also referred to as Continuing Care Retirement Communities (CCRCs), and rental independent living, assisted living and memory care communities nationwide. The company also provides a full-service real estate private equity enterprise, insurance, national purchasing consulting services and in-home care. The companies of LCS serve thousands of seniors across the nation. For more information, visit LCSnet.com.

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Attachments

Jeri Uhlmansiek
LCS
515.875.4500
uhlmansiekjeri@lcsnet.com

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